...until someone breaks into LastPass and steals all vaults and you have to hope that your vault used the newer iteration settings. And those are just the cases we hear about because the attackers were careless. Cloud based password managers are simply an unimaginably attractive target for all kinds of threat actors, from individuals to groups all the way to nation states. I'd not be surprised if all the major ones already have backdoors installed - either on purpose with a gag order or even without the company's knowledge. Ironically, a simple text file on a well encrypted USB is probably one of the more secure ways to do this nowadays.